Your TV or your life?
People in the UK spend more money on insuring their TV or DVD player than they do their life, according to a recent survey of UK life insurance purchasing.
Research from agency Bright Grey has revealed that whereas 75% of the consumers surveyed had insured their home contents, just over 50% had taken out life insurance, with only 23% covering their mortgage payments. This is despite the majority believing, in principle, that life insurance is more important than either of the other two areas.
Roger Edwards of Bright Grey said: “I would have expected many more people to rank UK life insurance as the most important cover to have. And I’m very surprised that protecting your mortgage payments lags so far behind contents insurance. Surely the risk of losing your home outweighs that of having your DVD player or TV taken?”
When questioned about how they would deal with a major event, like redundancy, that put their home at risk, 40% of the people surveyed said that they would rely on the State for help with their mortgage, and 12% would consider selling up to maintain bill payments.
Edwards was convinced that this attitude spells trouble for many people. “UK life insurance is vital when it comes to planning for the future, protecting dependants if they lose your income. Many people seem to have lost sight of their real priorities.”